The future of Bitcoin is pretty much assured. It is being adopted by large online merchants. If you’re not familiar with it, it’s not too late to catch up, but you should start now.
The influence of Bitcoin has been growing steadily. It is increasingly accepted, and it’s here to stay. Rather than think of it as a threat, it’s useful to learn more about Bitcoin and how you can use it to increase your revenue.
Here are some of the ways Bitcoin will intersect with ecommerce and what that means for business owners.
Bitcoin Makes Ecommerce Cheaper
Anyone in retail knows about transaction fees. Credit card transaction fees take a chunk out of revenue with each transaction fee typically ranging between 2 and 4 percent.
With Bitcoin, however, there are no transaction fees. This means significant cost savings.
Bitcoin Makes Ecommerce Faster
Using Bitcoin does not incur transaction fees, because there is no middleman involved in the process. This makes the process not only more cost-effective but also more efficient.
Speed is also increased by the way in which Bitcoin creates records of transactions. Each purchase is registered as an increase in balance for the retailer and a decrease in the consumer’s balance. This reduces approval times, saving everyone involved time and money.
When a transaction takes place immediately, a business can ship goods to its customers without delay. Bitcoin allows business to operate more quickly, therefore, while faster delivery times make e-commerce customers happy.
Bitcoin Makes Ecommerce More Secure
Because Bitcoin immediately adjusts balances for both the retailer and the customer, shopping is more secure with Bitcoin than with other methods online. It is much less susceptible to fraud than traditional ecommerce.
The Blockchain technology, through which Bitcoin operates, uses a network in which everyone involved must agree to the monetary value of transactions. This “agreement” means that it’s very difficult for fraudsters to manipulate Bitcoin.
For customers concerned about security, and there are many of them, Bitcoin will ease their concerns and increase revenues for retailers.
Bitcoin Gives Ecommerce Wider Reach
Retailers who want global reach would do well to consider accepting and using Bitcoin as well as their own currency. Bitcoin is available to everyone on the planet.
It is not tied to any one system. The currency is used globally in many industries. And the way things are going, it looks like businesses accepting Bitcoin will be the norm.
It’s not too late to get up to date with Bitcoin. Start now and you may still be considered an early adopter.
Cash in on the growing number of consumers using Bitcoin and seeking Bitcoin transactions. Click here to get started using Bitcoin to increase market share and provide even better service to your customers.